Broadcom (NASDAQ:AVGO) had its price objective cut by DA Davidson to $300.00 in a research report released on Friday, The Fly reports. They currently have a buy rating on the semiconductor manufacturer’s stock.
A number of other equities research analysts have also recently issued reports on AVGO. Piper Jaffray Companies restated an overweight rating and issued a $310.00 price objective on shares of Broadcom in a research note on Thursday, February 14th. Cowen cut Broadcom from an outperform rating to a market perform rating and set a $280.00 price target on the stock. in a research report on Friday, February 22nd. BidaskClub cut Broadcom from a strong-buy rating to a buy rating in a research report on Saturday, March 9th. Mizuho upped their price target on Broadcom from $295.00 to $305.00 and gave the company a buy rating in a research report on Friday, March 15th. Finally, Barclays upped their price target on Broadcom from $265.00 to $275.00 and gave the company an overweight rating in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-eight have given a buy rating to the company. Broadcom presently has an average rating of Buy and a consensus target price of $297.58.
Shares of Broadcom stock opened at $265.93 on Friday. Broadcom has a 52-week low of $197.46 and a 52-week high of $323.20. The stock has a market capitalization of $105.27 billion, a P/E ratio of 14.12, a PEG ratio of 1.20 and a beta of 0.87. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 31.66% and a net margin of 15.92%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $4.88 EPS. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom will post 17.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th will be paid a $2.65 dividend. This represents a $10.60 annualized dividend and a yield of 3.99%. The ex-dividend date is Friday, June 21st. Broadcom’s dividend payout ratio is currently 56.29%.
In other Broadcom news, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,824 shares of company stock valued at $20,565,519. 3.30% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of AVGO. AlphaOne Investment Services LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $25,000. First Financial Corp IN purchased a new stake in shares of Broadcom during the first quarter valued at approximately $30,000. Daiwa SB Investments Ltd. purchased a new stake in shares of Broadcom during the first quarter valued at approximately $30,000. CX Institutional boosted its stake in shares of Broadcom by 555.6% during the first quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 100 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $36,000. 84.42% of the stock is owned by institutional investors and hedge funds.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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